Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Oct - Saregama India Limited has informed about Copy of Newspaper Publication regarding special window for re-lodgement of transfer requests of physical shares.
Source: Bse
Saregama India Limited (SAREGAMA)
Large CapMedia stocks · Large cap · NSE
Saregama India Limited, an RPSG Group company and India's leading entertainment IP company, owns a massive music library in perpetuity and operates across music licensing, artiste management, retail products like Carvaan, live events, films, television content, and digital/short-format video series.
Data qualityFresh enough for analysisQuote updated 06 Nov, 03:31 pm ISTDetails
Quote06 Nov, 03:31 pm IST
Base fundamentals01 Nov 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result04 Nov, 12:31 pm IST
Score07 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Media P/E 15.6 (n=55)
Technical timing lens
Trend score and candlestick chart
87Strong Bullfull bull SMA stack · SMA20 +6.8% / mo · RSI overbought · MACD + · near 52W high · sector +8.5pp vs Nifty 500 (3M)
Stock trend: 78
Sector RS: 100
Sector 3M: +7.4% vs Nifty 500 -1.1%
Media FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
SAREGAMAW candles · FIT view+24.8%Latest close ₹619.65 on 2026-11-02
Bar
+12.6%
RSI
76
MACD hist
4.70
52W pos
86%
2026-11-02O ₹550.20H ₹671.00L ₹541.55C ₹619.65Vol 3.6Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SAREGAMANifty MediaNifty 500
- SAREGAMA
- +17.4%
- Nifty 500
- -1.1%
- Nifty Media
- +7.4%
- Vs Nifty 500
- +18.5 pp
Chart stats
6 Nov 2026- From 52W high
- -7.7%
- 52W range position
- 86%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.59x
- Avg traded value
- ₹128 Cr
- 20D price channel
- ₹477.2 - ₹671
₹671
₹307.1 - ₹671
₹26.9
Latest completed session
20-session average
54.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST36
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +36.6% · PAT +45.8% YoY
Technical
Strong Bull87
Price trend and sector-relative-strength timing.
Valuation
Legacy model-75.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Healthy Trust79
medium confidence · 4/10 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 100/100Rev +37% YoY · PAT +46% YoY · margin expansion · +19% QoQ · operating leverage
Filed 04 Nov 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹314.3 Cr | +36.6% | +19.2% |
| EBITDA | ₹102 Cr | +47.8% | +9.3% |
| Operating margin | 32.4% | +244 bps | -296 bps |
| PAT | ₹64.2 Cr | +45.8% | +23.7% |
| PAT margin | 20.4% | +129 bps | +74 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 50.56
- P/B
- 6.25
- EV/EBITDA
- 23.05
- Market Cap
- 12277.50Cr
Profitability
- ROE
- 12.70%
- ROCE
- 17.30%
- ROA
- 9.53%
- Dividend Y
- 0.88%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 53.43×
- Altman Z
- 8.25
- Book Value
- 87.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 100.00 Cr
- EPS TTM
- 12.59
Shareholding
- Promoter Hold
- 60.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 7/11/2026
Revenue
₹ CrLatest: 985-15.9% vs prev
Net Profit
₹ CrLatest: 206+1.0% vs prev
Return on Equity
%Latest: 12.2-5.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Weekly technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 76. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.3% over last month) — short-term momentum positive.
- RSI(14) at 76 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 8% off 52W high · 102% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth11/25
Quality6/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
36
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
36/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -75.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
50.6
PB
6.3
EV/EBITDA
23.1
ROE
12.7%
ROCE
17.3%
FCF Yield
—
Debt/Equity
0.0
MoS
-75.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 07 Nov 2026
v4.3-runtime-valuation
Final score
36
Previous: 36
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-75.3%
Previous: -75.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
07 Nov 2026
v4.3-runtime-valuation
37
37
37
37
36
36
36
36
36
36
36
36
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹157.71
-292.9% MoS
Growth-justified P/E
28.1
Growth-justified Value
₹353.53
-75.3% MoS
PEG
5.38
Comparable companies
Peers
Business-comparable peers in Media — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TIPSMUSIC
Micro
Tips Music Limited
Media & Entertainment
match 84
56
43.8
87.6%
-85%
FAIR VALUE
PVRINOX
Large
PVR INOX Limited
Media & Entertainment
match 64
36
30.9
4.9%
-9%
WATCHLIST
AMAGI
Small
Amagi Media Labs Limited
Media & Entertainment
match 59
28
73.4
10.3%
-207%
OVERVALUED
NAZARA
Micro
Nazara Technologies Limited
Media & Entertainment
match 56
50
1212.0
30.6%
-5403%
FAIR VALUE
IMAGICAA
Small
Imagicaaworld Entertainment Limited
Media & Entertainment
match 52
33
190.0
-0.1%
-645%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-11-04T08:10:42.422Z
Management commentary snapshot
Q2 FY27 consolidated revenue from operations grew 37% YoY to INR 3,143 Mn, supported by robust 35% growth in music revenue and a 101% surge in live events revenue, while adjusted EBITDA rose 39% YoY to INR 1,180 Mn.
The core thesis of compounding an owned music catalog in perpetuity across digital and physical formats remains firmly intact. Music revenues and net margins continue to scale steadily, supported by data-driven content acquisitions and expanding digital fanbases exceeding 700 million followers.
Current business mix
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Music83.0%
Live Events6.0%
Video11.0%
Growth engines
Music Licensing and Catalogue Monetisation
UPMusic segment delivered robust performance with music revenue up 35% YoY to INR 2,513 Mn, backed by 650+ new film and non-film tracks released in Q2 FY27 across multiple languages.
Live Entertainment Expansion
UPLive Events revenue grew 101% YoY to INR 447 Mn, driven by scaling concerts, experiential, devotional, and stand-up comedy formats featuring renowned artistes.
Artiste and Influencer Management Roster
UPAdded 54 artistes in Q2 FY27 taking the total roster to 340 artistes with an aggregate digital reach of over 450 million.
Tailwinds
Digital Consumption Boom
UPDigital footprint across Saregama managed artistes, owned, and controlled channels improved beyond 700 Mn+ followers and subscribers across YouTube, Instagram, and Facebook.
Data-Driven Content Success
UPData-driven acquisition strategy landed hits at industry scale, with tracks featuring in 30+ streaming platforms and 10+ charts globally and in India.
Headwinds
Video Business Moderation
DOWNOverall video revenue registered a YoY moderation of 16% to INR 183 Mn as the company pursues a calibrated approach, pivoting away from own film production to investing in Bhansali Productions.
Risk radar
Lumpiness in Live Events
CAUTIONManagement explicitly notes that the Live Events business is lumpy in nature, making sequential comparisons volatile.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Year-over-year comparison is best suited to evaluate performance given the inherent lumpiness of the live events segment and seasonal variations in media consumption patterns.
Sector KPIs management disclosed
Music Revenue
UPMusic revenue reached INR 2,513 Mn in Q2 FY27, registering a 35% YoY growth compared to Q2 FY26.
Music EBITDA
UPMusic EBITDA stood at INR 1,540 Mn in Q2 FY27, registering a 37% YoY growth.
Music Net Margin
UPMusic Net Margin came in at INR 1,165 Mn in Q2 FY27, registering a 46% YoY growth.
Live Events Revenue
UPLive Events revenue grew 101% YoY to INR 447 Mn in Q2 FY27, supported by a higher number of events.
Management forward view
Focus on IP Maximization
ONGOINGManagement stated its focus remains on maximising the value of intellectual property through multiple monetisation avenues while maintaining financial discipline.
Calibrated Video Pivot
ONGOINGThe company continues a calibrated approach to its video business focusing on selective content investments and monetisation opportunities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Music Revenue Growth | 35% YoY growth in Q2 FY27 | Sustained momentum in streaming licensing revenues and chart performance. |
| Carvaan and Vinyl Volumes | Carvaan sales at 62k units and Vinyl sales at 5.9k units in Q2 FY27 | Profitability and volume expansion in retail product lines. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
cash flow improvementnot yet verifiablequantified
Saregama plans to completely exit its own produced films over the next 3 to 5 quarters, releasing Rs. 150-175 crores of working capital.
Timeframe: Next 3-5 quartersDirection: upConfidence: high
"over the next three to five quarters we will completely get out of our own produced films"
margin outlookdeliveredquantified
The investment in Bhansali Productions is expected to be EPS accretive for Saregama by FY27, improving margins in both video and music segments.
Timeframe: By FY27Direction: upConfidence: medium
"expected to be EPS accretive for Saregama by FY27"
Outcome check: OPM moved from 35.0% to average 42.0% (+7.0 pp).
order inflowdeliveredquantified
Saregama anticipates that around 30% to 40% of all its Hindi film music content will come from the Bhansali Productions deal.
Timeframe: FutureDirection: upConfidence: medium
"around 30% of all its Hindi film music content is now going to be coming"
Outcome check: PAT YoY averaged 23.3% across 1 later quarter(s).
project executionnot yet verifiablequantified
Bhansali Productions' pipeline of 10 movies is expected to be released over the next 3 to 4 years.
Timeframe: Next 3-4 yearsDirection: neutralConfidence: medium
"These 10 movies are expected to be released over next 3-4 years"
project executionnot yet verifiablequantified
Saregama retains the right to increase its stake in Bhansali Productions to 51% after March 2030.
Timeframe: After March 2030Direction: upConfidence: high
"right to increase the stake to 51% after March 2030"
project executionnot yet verifiablequantified
CCPS investment in Bhansali Productions will convert into equity in October 2028, resulting in a 28% to 49.9% stake based on performance over the next 3 years.
Timeframe: October 2028Direction: neutralConfidence: high
"convert into equity in October ‘28"
project executionnot yet verifiablequantified
Bhansali Productions is targeting a minimum of five films to be released over a two-year period.
Timeframe: Next 2 yearsDirection: upConfidence: medium
"We are looking at minimum five films in two years"
order inflownot yet verifiable
Bhansali Productions will exclusively sell all its future film music to Saregama based on a pre-agreed formula, eliminating competitive bidding.
Timeframe: FutureDirection: upConfidence: high
"exclusively sell all its future film music to Saregama only"
Trust Score
79Healthy Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 75% delivered/partly-delivered outcomes on 4 checked claims, with 1 adverse claim outcome. It ranks around the 89th percentile of the scored universe and 98th percentile within Media. No major sub-score weakness stands out.
High Trust: 4/10 extracted management claims have outcome checks; 75% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed.
Computed 07 Nov 2026
management-trust-v1
56 extracted concalls · 4/10 claims matched
Score band
Healthy Trust
Generally investable credibility. Look for weak sub-scores before increasing position size.
Relative rank
89th percentile
overall median 67 · Media: 98th pctile, median 63 · Large: 75th pctile, median 74
Evidence depth
Early sample
4/10 claims checked. Use as directional, not final.
Claim delivery
75% delivered or partly delivered
4/10 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 60.8%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.04.
Trust risks
- ▸OPM spread across recent quarters is 25.1%.
Continue researching Saregama India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 30 Sep - The Nomination and Remuneration Committee (''NRC'') has approved grant of 10,50,000 Options, to an eligible employee of the Company.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep - Intimation regarding participation of company in forthcoming conference to be held on 8th September, 2026.
Source: Bse
Annual reportSep 2026
Sep 2026 · Notice Of 79TH Annual General Meeting To Be Held On 15TH September, 2026. 24 Aug - 79th AGM on 15 September 2026; annual report issued for FY2025-26.
Source: Bse
Annual reportSep 2026
Sep 2026 · Letter To The Members Providing Web-Link For Accessing The Integrated Annual Report For The Financial Year 2025-26. 24 Aug - Saregama sends FY26 annual report and AGM notice; AGM on 15 September 2026 via VC/OAVM.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug - Saregama management will participate in EMKAY Confluence 2026 Investor Conference on 14 August 2026 in Mumbai.
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Aug - Saregama India Limited has informed about Copy of Newspaper Publication regarding dispatch of electronic copies of Integrated Annual Report along with the Notice of the …
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 24 Aug - Saregama filed its FY2025-26 BRSR as part of the Integrated Annual Report.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Newspaper Publication Advertisement - Notice of the 79th Annual General Meeting through Video Conferencing/Other Audio Visual Means.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug - Saregama India Limited has informed about Copy of Newspaper Publication regarding special window for re-lodgement of transfer requests of physical shares
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.